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- Additionally, LB Aluminium said it will sign a three-year tenancy agreement to lease the land back to Lucksoon Metal, which is currently occupying the property to operate a business involving metal works and trading of metal products.
KUALA LUMPUR (July 4): LB Aluminium Bhd (KL:LBALUM) said it is acquiring a 6.74-acre leasehold industrial land together with buildings in Banting, Selangor, for RM22 million.
In a filing with Bursa Malaysia, the aluminium extrusion manufacturer said it is buying the property from Lucksoon Coatings Sdn Bhd. As part of the deal, LB Aluminium will enter into a contra agreement with Lucksoon Coatings and its related company—Lucksoon Metal Works Sdn Bhd—to offset RM4.01 million in outstanding debt owed by Lucksoon Metal using part of the purchase consideration.
Additionally, LB Aluminium said it will sign a three-year tenancy agreement to lease the land back to Lucksoon Metal, which is currently occupying the property to operate a business involving metal works and trading of metal products, upon completion of the acquisition.
According to LB Aluminium, the land holds capital appreciation potential as it is close to Port Klang and the Kuala Lumpur International Airport with convenient access via major highways.
The acquisition will be funded through internally generated funds and bank borrowings, the company said.
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